Congratulations on Paying more than Other

I understood your comment to mean that you think that people who buy from dealers who buy wholesale at auctions overpay for their coins. Not sure if that is what you meant, but retailers in groceries, clothing and coins provide a service for which they can demand and should receive remuneration. Buying retail is not equivalent to overpaying. But perhaps that is also not what you meant.

 

Log in or Sign up to hide this ad.

I like that analogy a lot!

 

I have a slightly different but related take on it...

For the bulk of my collection, especially less-rare types, I try to be patient and buy at prices where I think I have a reasonable chance of getting my money back when I eventually sell. I don't regard them as an investment as such (realize could go down in value rather than up), but neither as money spent and gone. Given that I collect LRB, some are very cheap and will probably always stay that way, not even covering postage costs. Hopefully the better coins might help defray that cost.

OTOH there are times, for rarely seen coins, where my price sensitivity goes out the window and I'll quite happily "overpay" based on the rationalization that this is indeed "gym membership" or "golf fees" - money that has been spent on the hobby for the fun of it, with no expectation of ever recouping it.

 

That's fair, and probably the reality for the bulk of my collection too if I was to take an inventory. However, I think it's sensible to not allow these thoughts any space in your mind and simply enjoy your collection for what it is. It'll make any funds recouped all that sweeter when the time comes.

Even when I buy cheap LRBs, I'm not happy because the price is low and its investment return is better, I'm happy because I get to hold another ancient coin I find interesting and I didn't even pay much for the privilege!

With that said, I don't spend a large amount on coins. Maybe it becomes more financially serious when the 3+ figures start flying around.

 

I agree and the advice is most sound. Fixed price is what's comfortable to me. I'm of the Dave Ramsey financial philosophy of life; no debt. Neither my house or my cars are the fanciest on the market, but they're paid for. None of my hobbies break the bank.

I follow the same philosophy with my coins and specialty records. Sure, if it's a coin/record that's a once-in-twenty year opportunity, I might overpay somewhat.